Putin and Pezeshkian Criticize U.S. Hegemony Ahead of BRICS Summit

Ahead of the 18th BRICS summit in India, Russian President Vladimir Putin and Iranian President Masoud Pezeshkian have criticized U.S. hegemony and the dominance of the dollar in the global economy. Enhancing economic cooperation among BRICS members and reducing dependence on the dollar in the global financial system are expected to be key priorities at this year’s summit.

Before he visits India, Pezeshkian stated that the BRICS New Development Bank could help member states reduce their reliance on the dollar. He emphasized the importance of strengthening trade in local currencies and alternative payment systems among BRICS members. Meanwhile, ahead of the summit, Putin emphasized further strengthening economic and financial cooperation within BRICS during a meeting with Indian Prime Minister Narendra Modi. He also highlighted the need to create new areas of cooperation outside the influence of Western countries in the global economy.

The 11-member BRICS bloc comprises the world’s major emerging economies. As the bloc’s influence in the global economy and international trade grows, the issue of reducing dependence on the dollar is gaining prominence in discussions. However, BRICS members do not share a unified stance on this matter. Notably, India has emphasized the bloc as a platform for economic cooperation rather than shaping it as a political or economic alliance directed against any specific country.

This year’s BRICS summit is taking place amid the ongoing conflict in the Middle East, the war in Ukraine, the global energy situation, and the changing realities of international trade. Consequently, special attention is also focused on the bloc’s role in the global financial system and the future of financial cooperation among its member states.

Source: Al Jazeera, Reuters, AP